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Virginia Krohn of Villa Cayo Belize – Best Places In The World To Retire User Account
Belize City, Belize – Best Places In The World To Retire – International LivingIf you move to Belize, you are a tax resident of the US (for example, you're a US citizen), and you open a checking account, you have to sign the FATCA form which allows the bank to report the contents of your bank accounts to the US. The Belize bank says the US cannot take money from your account that the United States is just trying to track money. If your account becomes a burden to the Belize banks they will simply close your account.  
 
(Belize City, Belize, pictured.)
Archibald Brown – Best Places In The World To Retire User Account
Scotia Bank Belize – Best Places In The World To Retire – International LivingFATCA compliance is slowly being implemented by most banks around the world. This mainly impacts US citizens and is causing banks to incur many costs in order to be compliant and be able to report back to the IRS.
 
The main effect it has had in Belize is for Americans to have more difficulty in opening up a bank account in Belize. The Central Bank of Belize has to approve all applications.
Kate Corrigan  of Georgetown Trust – Best Places In The World To Retire User Account
FACTA does not affect you if you move to Belize, because wherever you move, if you have an international account, you need to declare it. You need to report all of your international holdings and accounts to the IRS, so it makes no difference whether it is in Belize or anywhere else.
Boris Mannsfeld of Boris Mannsfeld & Associates – Best Places In The World To Retire User Account
FATCA is Chapter 4 of the HIRE act. FATCA is a nightmare for everybody: for the bank, the IRS, and the individual. The reason why it is being pushed back and delayed is because they don’t know how to be in compliance. They don’t have the resources, and they don’t understand the legislation properly. FATCA stipulates that when you open up a bank account, whether you are an entity or an individual, if the funds on that account reaches or go over an aggregate amount of US $50,000 during the course of a calendar year, the bank must disclose that to the IRS. They have to disclose everything, not just the balance, but also the loans, the interest, and everything else.
 
If you have a corporate account that was in existence prior to the enactment of FATCA in 2010, then that aggregate amount is $250,000.
 
FATCA is a law affecting US citizens.  However it is also adversely affecting everybody on the planet because you have to prove that you are not an American when you are not an American. FATCA is being imposed by the United States; it is not the banks that want to do this.
 
If you are Belizean and you want to open up an international account, you still have to prove that you are not an American. If you want to buy and sell bananas to Argentina and you were born here in Belize but never had a Belizean passport, never had left the country, and you just want to open an International account to be able to deal with transactions out of the Belizean dollar, you still have to fill out that form to the United States to say, “No, I am not an American. I’m not a dual citizen, and I am not a US tax payer.”

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